MULTIFISC: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MULTIFISC
Largest movements
- Receivables after one year +€117,992
new in 2025: €117,992
- Tangible fixed assets -€27,894
down €27,894 (-6.8%), from €413,047 to €385,153
of which Land and buildings: -€23,504
- Cash -€19,274
down €19,274 (-16.2%), from €118,920 to €99,646
mainly Contributions, distributions and other (-€220,000) and Receivables after one year (-€117,992)
- Receivables within one year +€9,808
up €9,808 (+4.9%), from €201,980 to €211,787
of which Trade receivables: +€9,209
- Debts after one year +€221,708
up €221,708 (+133.3%), from €166,281 to €387,989
- Reserves -€150,000
down €150,000 (-49.5%), from €302,727 to €152,727
of which Distributable reserves: -€150,000
- Short-term financial debts -€38,221
no longer reported in 2025 (was €38,221)
of which Other loans: -€38,221
- Current portion of long-term debt +€33,049
up €33,049 (+50.4%), from €65,511 to €98,560
- Other debts -€21,571
down €21,571 (-64.4%), from €33,509 to €11,938
- Staff costs -€47,183
down €47,183 (-27.9%), from €169,307 to €122,124
- Gross operating margin -€44,650
down €44,650 (-12.7%), from €352,725 to €308,075
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €755,627 | €829,688 | +€74,060 | +9.8% |
| Fixed assets | 21/28 | €422,245 | €394,351 | -€27,894 | -6.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €413,047 | €385,153 | -€27,894 | -6.8% |
| Land and buildings | 22 | €368,722 | €345,217 | -€23,504 | -6.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €44,325 | €39,936 | -€4,389 | -9.9% |
| Financial fixed assets | 28 | €9,198 | €9,198 | = | 0.0% |
| Current assets | 29/58 | €333,382 | €435,336 | +€101,954 | +30.6% |
| Amounts receivable after more than one year | 29 | - | €117,992 | +€117,992 | |
| Other amounts receivable | 291 | - | €117,992 | +€117,992 | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €201,980 | €211,787 | +€9,808 | +4.9% |
| Trade receivables | 40 | €174,602 | €183,811 | +€9,209 | +5.3% |
| Other amounts receivable | 41 | €27,378 | €27,977 | +€598 | +2.2% |
| Current investments | 50/53 | €8 | €7 | -€0 | -5.5% |
| Cash at bank and in hand | 54/58 | €118,920 | €99,646 | -€19,274 | -16.2% |
| Deferred charges and accrued income | 490/1 | €12,474 | €5,903 | -€6,571 | -52.7% |
| Total equity and liabilities | 10/49 | €755,627 | €829,688 | +€74,060 | +9.8% |
| Equity | 10/15 | €362,007 | €213,293 | -€148,713 | -41.1% |
| Contributions | 10/11 | €27,268 | €27,268 | = | 0.0% |
| Reserves | 13 | €302,727 | €152,727 | -€150,000 | -49.5% |
| Non-distributable reserves | 130/1 | €2,727 | €2,727 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,727 | €2,727 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €150,000 | -€150,000 | -50.0% |
| Profit (loss) carried forward | 14 | €32,011 | €33,298 | +€1,287 | +4.0% |
| Amounts payable | 17/49 | €393,621 | €616,395 | +€222,774 | +56.6% |
| Amounts payable after more than one year | 17 | €166,281 | €387,989 | +€221,708 | +133.3% |
| Financial debts | 170/4 | €166,281 | €387,989 | +€221,708 | +133.3% |
| Amounts payable within one year | 42/48 | €224,169 | €209,227 | -€14,942 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €65,511 | €98,560 | +€33,049 | +50.4% |
| Financial debts | 43 | €38,221 | - | -€38,221 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €38,221 | - | -€38,221 | |
| Trade debts | 44 | €4,742 | €13,960 | +€9,218 | +194.4% |
| Suppliers | 440/4 | €4,742 | €13,960 | +€9,218 | +194.4% |
| Taxes, remuneration and social security | 45 | €82,186 | €84,769 | +€2,583 | +3.1% |
| Taxes | 450/3 | €64,933 | €73,700 | +€8,767 | +13.5% |
| Remuneration and social security | 454/9 | €17,253 | €11,069 | -€6,184 | -35.8% |
| Other amounts payable | 47/48 | €33,509 | €11,938 | -€21,571 | -64.4% |
| Accrued charges and deferred income | 492/3 | €3,171 | €19,179 | +€16,008 | +504.8% |
| Remuneration, social security and pensions | 62 | €169,307 | €122,124 | -€47,183 | -27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,687 | €33,044 | +€357 | +1.1% |
| Other operating charges | 640/8 | €19,294 | €20,324 | +€1,030 | +5.3% |
| Non-recurring operating charges | 66A | €7,964 | - | -€7,964 | |
| Gross operating margin | 9900 | €352,725 | €308,075 | -€44,650 | -12.7% |
| Operating profit (loss) | 9901 | €123,473 | €132,584 | +€9,111 | +7.4% |
| Financial income | 75/76B | €16 | €20 | +€4 | +22.3% |
| Recurring financial income | 75 | €16 | €20 | +€4 | +22.3% |
| Financial charges | 65/66B | €17,849 | €20,921 | +€3,073 | +17.2% |
| Recurring financial charges | 65 | €17,849 | €20,921 | +€3,073 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €105,640 | €111,682 | +€6,042 | +5.7% |
| Income taxes | 67/77 | €37,041 | €40,396 | +€3,355 | +9.1% |
| Profit (loss) for the period | 9904 | €68,599 | €71,287 | +€2,688 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €68,599 | €71,287 | +€2,688 | +3.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.